June 19, 1998 |
Lyondell Petrochemical Co. said Thursday that it will buy Arco Chemical Co. for $5.6 billion, including the entire 82.2% ownership stake in the Newton Square, Pa., chemical company held by Atlantic Richfield Co. The Los Angeles oil giant said in early June that it would reduce its holdings to 50% in Arco Chemical by selling stock to the public and to its former chemical subsidiary. Arco is in the process of buying Union Texas Petroleum for $3.
July 28, 1998 |
Atlantic Richfield Co., the seventh-largest U.S. oil company, said Monday that its second-quarter profit fell 44% as the lowest oil prices in 12 years and the sale of its coal operations slashed revenue. Los Angeles-based Arco reported profit before gains and charges of $220 million, or 67 cents a diluted share, compared with net income of $390 million, or $1.19, a year ago. The company was expected to earn 68 cents a share, the average estimate of analysts polled by First Call Corp.
August 23, 1991 |
Phillips 66 Co. will pay a record $4 million to settle hundreds of safety citations issued by federal inspectors after a 1989 explosion here in which 23 people were killed and 130 others were injured, the Occupational Safety and Health Administration announced Thursday. The settlement was the largest amount ever paid to the OSHA in the 20-year history of the organization but considerably less than the $5.7 million in fines originally recommended.
July 6, 1990 |
An explosion and fire ripped through a city-block-sized section of a chemical plant "like a rocket just took off," killing at least 17 workers, authorities and witnesses said. The explosion occurred about 11:30 p.m. Thursday as crews were cleaning waste tanks at the Arco Chemical Co. plant in this Houston suburb. The 564-acre complex employs about 350 people and also uses some outside contract workers. Five workers were injured and one was missing.
September 29, 1990 |
Thanks to the 7-year-old compact disc format, the record industry--whose sales plummeted during the oil shocks of the mid-1970s and early 1980s--is singing a more optimistic tune in the face of today's rising oil prices and looming economic downturn.
January 24, 1989 |
Atlantic Richfield announced that it was boosting its quarterly dividend by 12.5% Monday after recording another sizable rise in profit for the fourth quarter. The company also said it would start buying back more of its stock. Arco's performance, at or slightly above the levels predicted by some analysts, marked a continuation of strong profits in its chemical business and retail gasoline operations that more than offset weaker prices for crude oil.
July 18, 1998 |
Atlantic Richfield Co., the seventh-largest U.S. oil company, said Friday that it will acquire half of Triton Energy Ltd.'s stake in natural gas reserves in the Gulf of Thailand, providing up to $657 million in financing for the project over seven years. Arco will pay Triton $150 million in cash, provide $377 million in financing to develop the gas field known as Block A-18 and make payments totaling $130 million if Triton meets production goals by July 1, 2005.
May 2, 1989 |
Buoyed largely by proceeds from the sale of a half interest in its petrochemical subsidiary, Atlantic Richfield reported Monday a 76% increase in first-quarter earnings. Arco's performance--at or slightly above the levels predicted by some analysts--was marked by strong profits from chemical and specialty products operations and by declines associated with its refining and marketing activities. Arco said it earned $704 million during the first three months of 1989, compared to $401 million during the same period in 1988.
CALIFORNIA | LOCAL
January 27, 1993 |
Lawyers for chemical companies, in closing statements Tuesday in a long-running toxic exposure trial, argued that their products had not harmed Lockheed workers, blaming the giant aerospace firm for unsafe conditions at its Burbank complex in the 1970s and 1980s. Conditions at Lockheed were "outside of our control," Laurence F. Janssen, lawyer for Exxon, Arco Chemical Co., and several other defendants, told a Los Angeles Superior Court jury as the 6-month-old trial moved toward a close.
CALIFORNIA | LOCAL
July 13, 1990 |
A state investigation confirmed that hardness tests were falsified on 65 welds at the Shell Oil Co. refinery in Carson, but concluded that the faked results were an isolated incident involving two inexperienced workers employed by a New Jersey-based contractor, officials said Thursday. Based on its inspection, the California Division of Occupational Safety and Health issued a five-count citation to the contractor, Cooperheat Inc. of Somerset, N.J.